Intel Corporation (NASDAQ:INTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Intel’s growing focus on the data-centric part of the business is positive. The launch of Xeon Scalable is anticipated to improve its footprint in the data center as well as AI space, going forward. The company recently unveiled Myriad X, which will boost footprint in the IoT space. Moreover, the recent Core 8 launch will boost PC market share amid intensifying competition from AMD. We note that the top-PC makers like HP, Lenovo, and Asus are set to launch PCs based on Qualcomm’s ARM-based Snapdragon processor, which is a headwind for the company. Further, anticipated improvement in cost structure and lower spending, primarily due to improving operational efficiency will aid in expansion of margins going forward. Additionally, aggressive share buyback will boost the bottom line in 2017. However, we note that Intel has underperformed the industry on a year-to-date basis. Moreover, declining PC-shipments is a concern.”
A number of other research firms have also issued reports on INTC. Stifel Nicolaus reiterated a “buy” rating and issued a $39.00 target price on shares of Intel Corporation in a research note on Friday, July 14th. Credit Suisse Group reiterated a “neutral” rating and issued a $35.00 target price on shares of Intel Corporation in a research note on Tuesday, July 4th. Bank of America Corporation lowered Intel Corporation from a “buy” rating to a “neutral” rating and lowered their target price for the company from $42.00 to $38.00 in a research note on Wednesday, June 21st. ValuEngine lowered Intel Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Raymond James Financial, Inc. restated an “underperform” rating on shares of Intel Corporation in a research note on Friday, July 14th. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $40.55.
Shares of Intel Corporation (NASDAQ INTC) traded up 0.734% during trading on Wednesday, hitting $36.355. The stock had a trading volume of 6,810,852 shares. Intel Corporation has a one year low of $33.23 and a one year high of $38.45. The stock’s 50-day moving average price is $35.44 and its 200-day moving average price is $35.51. The company has a market cap of $170.83 billion, a P/E ratio of 13.876 and a beta of 1.02.
Intel Corporation (NASDAQ:INTC) last posted its earnings results on Thursday, July 27th. The chip maker reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Intel Corporation had a return on equity of 21.86% and a net margin of 20.60%. The business had revenue of $14.76 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same quarter last year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast that Intel Corporation will post $3.01 EPS for the current fiscal year.
In other Intel Corporation news, CEO Brian M. Krzanich sold 72,173 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $33.69, for a total value of $2,431,508.37. Following the completion of the sale, the chief executive officer now owns 534,746 shares of the company’s stock, valued at $18,015,592.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Venkata S. M. Renduchintala sold 13,996 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $35.47, for a total value of $496,438.12. Following the completion of the sale, the insider now directly owns 1,536 shares of the company’s stock, valued at approximately $54,481.92. The disclosure for this sale can be found here. Insiders sold 91,921 shares of company stock valued at $3,130,162 in the last ninety days. Insiders own 0.08% of the company’s stock.
Large investors have recently made changes to their positions in the business. Watermark Asset Management Inc. acquired a new position in shares of Intel Corporation during the 1st quarter worth about $113,000. Acrospire Investment Management LLC lifted its position in shares of Intel Corporation by 111.8% during the 2nd quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock worth $121,000 after purchasing an additional 1,900 shares during the last quarter. Orrstown Financial Services Inc. lifted its position in shares of Intel Corporation by 96.6% during the 1st quarter. Orrstown Financial Services Inc. now owns 3,725 shares of the chip maker’s stock worth $134,000 after purchasing an additional 1,830 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its position in shares of Intel Corporation by 53.0% during the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock worth $146,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Winfield Associates Inc. lifted its position in shares of Intel Corporation by 6.0% during the 2nd quarter. Winfield Associates Inc. now owns 4,651 shares of the chip maker’s stock worth $156,000 after purchasing an additional 265 shares during the last quarter. 67.09% of the stock is owned by institutional investors.
Intel Corporation Company Profile
Intel Corporation is engaged in designing and manufacturing products and technologies, such as the cloud. The Company’s segments are Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), Intel Security Group (ISecG), Programmable Solutions Group (PSG), All Other and New Technology Group (NTG).
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